As of 6/3/2020 the House and Senate both passed changes to the PPP Forgiveness criteria. There are three major changes:
- Now instead of 8 weeks to spend the money on qualified expenses you have 24 weeks.
- The new law changed the percentage that needs to be used on Payroll to 60% down from 75%.
- Now if you don’t spend at least 60% on payroll then none of the loan will be forgiven